French family-run firm emerges as DTZ bidder

FRENCH family-run property group Saint George Participations (SGP) has emerged as a potential bidder for British property consultant DTZ.

SGP, which already owns about 55 per cent of DTZ, said yesterday that it was in “preliminary discussions” to buy the remainder of the London-listed company.

SGP also revealed it is in talks with BNP Paribas’ real estate arm.

The firm is believed to be looking to take DTZ private before selling it on to the French bank.

BNP Paribas could then merge DTZ with its existing real estate business before spinning it off to sell it in a Paris stock market float.

SGP is thought to be considering a 60p per share bid for DTZ, which would value the firm at about £162m.

Led by Paul Idzik, global property consultancy DTZ employs around 4,500 workers and is developing a bigger presence in the fast-growing Asian market.

The firm suffered at the hands of the financial crisis, and had to conduct a £37.1m emergency rights issue to stay afloat.

SGP played a key part in the rescue, buying £26.9m worth of shares.

MEET THE ADVISERS: HAWKPOINT

PAUL BAINES

HAWKPOINT

HAWKPOINT is the lead corporate adviser to Saint George Participations (SGP) on its potential bid for DTZ.

Executive chairman Paul Baines is leading the advisory team. He is joined by William Bain from the specialist financial adviser.

Bain previously headed up Charterhouse Bank’s corporate finance business. He has also worked at HSBC and Freshfields.

Hawkpoint recently advised engineering group Costain on its purchase of ClerkMaxwell.
Oriel Securities is advising DTZ.